In the long run, inflation is caused by
A) aggressive labor unions.
B) greedy monopolists.
C) growth in the money supply.
D) global warming.
C
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In the expenditure approach to GDP, which of the following would be excluded from measurements of GDP?
A) Government payments for goods produced by foreign firms B) Government payments for goods produced by firms owned by state or local governments C) Government payments for welfare D) All government payments are included in GDP.
If a model's predictions are correct, then
A) its assumptions must have been correct. B) it is proven to be correct. C) Both A and B above. D) None of the above.
The costs imposed on a firm from changing listed prices is termed: a. the nominal cost of inflation
b. the shoe-leather cost of inflation. c. the menu cost of inflation. d. the implied cost of inflation.
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.